Plugo plans to expand its service in Indonesia in Q1 2023 and other Southeast Asian countries thereafter.
Heaptalk, Jakarta — A Singapore-based startup Plugo accomplished a $9 million Series A funding round led by Altos Ventures. The round was also participated by BonAngel Venture Partners, Access Ventures, Mahanusa Capital, Prodigy Investment, and Pearl Abyss Capital.
The fresh funds will be allocated to expand Plugo’s research and development team as well as hire additional engineers. With established offices in Indonesia and South Korea, the company intends to launch its service officially in Indonesia during Q1 2023.
Plugo wants to concentrate on the Indonesian market as one of the largest markets in Southeast Asia. After 12 months, the company plans to enter other Southeast Asian countries, including Malaysia, Vietnam, Thailand, and the Philippines.
Founded in October 2022 in Singapore by Kyungmin Bang, Plugo has released a closed beta version that has been used by around 200 direct-to-consumer (D2C) brands in Indonesia. the startup also partners with several logistics companies, spanning JNE Express, SiCepat, and J&T, as well as a payment outlet Nicepay.
“Over the past decade, the predominant market trend has been business-to-consumer or marketplace. D2C platforms like Plugo have only recently become a trend for more transparent and efficient business,” said Plugo’s founder and CEO Kyungmin Bang as cited by The Business Times (12/15).
Kyumin delivered that the company wants to harness enormous potential with a lot of room for growth and huge gaps in the market, specifically among MSMEs.
The startup provides an e-commerce management system, spanning creating a website, setting up a payment system, managing marketing, as well as handling shipping, warehousing, and logistics for D2C brands in Indonesia. The services will help merchants focus on their product development and support other processes.
